LightStream Personal Loans Review: What To Know Before You Borrow
Rates and Terms
- $100 loan satisfaction guarantee
- Low, fixed rates
- Autopay discount
- Convenient tool for finding your rate
- Higher rates without autopay
- The lowest rates require excellent credit
- Clunky document uploading
- No phone number is listed on the website
What Is LightStream?
LightStream is a division of Truist — the result of a merger between SunTrust and BB&T. LightStream offers an attractive lending solution to customers with excellent credit. Borrowers can get funds for purchases that previously required collateral. LightStream has flexible borrowing terms and fixed, competitive rates.
LightStream is a San Diego-based company that lends to borrowers across the United States. All of its services are completely digital, including paperless loan origination, underwriting and loan servicing.
You can borrow between $5,000 and $100,000, and the money can be deposited into your account as soon as the same day. LightStream’s parent company, Truist, has an A+ Better Business Bureau rating and is also BBB-accredited.
How Do LightStream Personal Loans Work?
It takes only minutes to apply for a LightStream personal loan. To receive same-day loan funds, you must do the following by 2:30 p.m. Eastern time on a banking business day:
- Apply for your loan on LightStream’s website. You will receive a prompt response within normal business hours.
- Review, accept and electronically sign your loan agreement documents.
- Provide your banking information and funding preferences in order to set up your loan.
- Complete the final loan verification process.
What Can You Finance With a LightStream Loan?
You can use a LightStream loan to finance just about any type of purchase or expense, including the following:
- Pre-K-12 education
- Medical expenses
- Fine jewelry
- Boats and aircraft
- Vacation property
- Home mortgage
You must use your LightStream loan funds for the purpose you selected in your loan application. Here are some specific restrictions:
- You may not use your loan funds to refinance an existing LightStream loan.
- You cannot use LightStream loans to finance college or postsecondary education expenses.
- Loans are only available to individuals, not businesses.
- Loans are not available for cash-out purposes.
- Your loan funds may not be used to purchase stocks, bonds or stock options.
Here’s a look at some of LightStream’s top features.
You can easily manage your account on the go with the LightStream mobile app, which lets you do the following:
- Make payments
- Monitor your account balance
- Check payment due dates
- Apply for a new loan
Rate Beat Program
LightStream will offer a rate that is .10 percentage points lower than a verified approved rate from a competing lender.
Loan Experience Guarantee
After receiving your loan funds, if you are not 100% satisfied with your loan experience, contact LightStream’s customer service. To help them improve their services, they will email you a questionnaire to fill out and explain your dissatisfaction. Once they receive your completed questionnaire, they will send you $100 for your trouble.
The $100 guarantee expires 30 days after you receive your loan funds, and LightStream can discontinue the guarantee at any time.
Partnering with American Forests, LightStream plants a tree for every paperless loan processed.
How Much Does a LightStream Loan Cost?
LightStream offers a simple, fixed-rate interest loan. Simple interest accrues daily, based on the unpaid principal loan balance. With each payment you make, you pay down accrued interest, and the remainder of the payment is applied toward the principal.
Fixed interest rates range from 2.49% to 20.49% APR with autopay. To see your exact rates and terms, you have to use the tool for finding your rate on the website and take these three steps:
- Select your purpose for the loan.
- Enter your desired loan amount.
- Select “See My Rate” for the result.
Loan terms, including APR, vary depending on customers’ loan purpose, loan amount, term length and credit profile. Before deciding to apply for a LightStream loan, consider the following:
- Around 22% of approved applicants qualified for the lowest rate available between April and June 2021.
- Rates are quoted with the autopay discount, which is only available before loan funding.
- If you do not agree to autopay, rates are 0.50% higher.
- Rates are subject to credit approval.
- Rates are conditional and subject to change without notice.
Who Is a LightStream Loan Best For?
LightStream customers rave about the company’s stellar customer service. With a LightStream personal loan, you can have the power to negotiate the purchase of your next car as a cash buyer. Even if you don’t have enough equity in your home, or prefer not to tap into it, you can easily finance your home improvement projects with a LightStream personal loan.
LightStream rewards its customers for having good credit, making it the perfect lending solution if you have an excellent credit history. You can benefit from LightStream’s superior customer service and exceptional rates if you have:
- A steady payment history with few or no delinquencies
- Several years of varied credit account types, such as credit cards, installment loans and mortgage debt
- Stable and sufficient income and assets
- The ability to save, which can be demonstrated by having liquid assets, down payments on real estate, retirement savings and/or manageable revolving credit